SAN CLEMENTE, Calif. (BUSINESS WIRE)—July 2, 2004, Powerski International Corporation (PSI) announced today that it has signed a letter of intent with Powerski Manufacturing Corporation (PMC) to assemble the PowerSki Jetboard. The parties mutually agree to reach a limited manufacturing agreement with a start date goal of August 1, 2004. Additional terms of the letter of intent include a $2 million equity investment in PSI by PMC. PMC is the creation of Powerski Canada founders Randy Marcotte and Rob Paulson. Rob stated “We recognized an opportunity to bring a rapid growth business to the people of Alberta, Canada. The Canadian government offers incentives for new business and the Alberta private investment community was quick to respond to our idea. Randy added “ we believe the Powerski Jetboard Igniter 330 is the next great recreational product. The engineering of this high-tech product is solid and now is the time to launch production. Bob Montgomery, founder and CEO of Powerski related “ we are excited to have PMC as our new assembler of Powerski Jetboards. Our goal is to establish similar relationships worldwide to meet our distribution requirements.”
Meanwhile, PSI continues to assemble Powerski Jetboards at our San Clemente facility and just released a purchase order for 500 engine casings to meet demand until production from our outsource provider of engines comes on line late in the year. Mr. Montgomery went on to state “ PSI is in the process of splashing the Igniter 300 model to build finalized hull tooling needed to ramp up hull production in the coming months. These tools become necessary as our outsource engine capacity and Powerski Jetboard assemble capacity increases this year.” |
